Mark Kohler explains why you need an LLC or S Corp: to shield your personal assets from business lawsuits. The protection only works if you maintain it properly with annual meetings, state fees, and good records. Skip the maintenance and the legal veil collapses.
Whether you do an LLC or S Corp. Both. Number one purpose before we get to the tax issue is, is to create that barrier of protection and amenity. Possibly some privacy, possibly tax savings. But number one, first and foremost is you're creating that veil of protection. So we both have to admit that the setup has to be proper. Minutes every year have to be proper. Make sure you're paying the fees to the state. And we go back to that company maintenance program. Little spoiler alert, heads up. There's a special coming. People, they need to get your entity cleaned up. So, yeah,
analyze your business structure. Did you do it right? Maybe you need some new stuff, an improvement, a tune up. We don't know. We might have a special for that.
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